Business
Amazon Makes Senior Management Changes and Announces Further Cost Saving Measures
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About this update from Verde Agritech Ltd
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\nTHE UNITED STATES/\n\n\nTORONTO, Nov. 19 /CNW/ - Amazon Mining Holding Plc (TSX-V symbol: "AMZ")\n("Amazon" or the "Company") has changed its corporate structure to increase\nentrepreneurial capacity and minimize ongoing expenditures in light of current\nmarket conditions.\n\n\nFull-time staff have been reduced from 38 to 6 employees. Amazon's Chief\nFinancial Officer ("CFO"), Mr. Manoel Cerqueira has been replaced by Mr. Tim\nSlater on an interim basis whilst Vice President of Exploration Mr Oscar Yokoi\nhas been replaced with a highly experienced Technical Advisory Committee whose\nappointees are Dr. Richard Garnett, Mr. Ysao Munemassa and Mr. Persio\nMandetta.\n\n\nAmazon's new interim CFO, Tim Slater, is the Managing Partner of Harmer\nSlater Chartered Accountants in the United Kingdom, and has been involved in\nthe preparation of all of the Company's financial statements and audit\nmaterials since 2007. Mr. Slater has acted as Finance Director for a range of\ncompanies in the UK.\n\n\nThe Technical Advisory Committee of Richard Garnett (ex Diamond Fields,\nRio Tinto and Anglo American), Ysao Munemassa (ex BP Minerals, Union Carbide\nand CVRD) and Persio Mandetta (ex Caraiba Metals, Paulo Abib Engenharia,\nMadison do Brasil), will also assist the Company in all areas formerly handled\nby the Vice President of Exploration.\n\n\nAmazon has elected to outsource future geological work, which, as\nprojects were discontinued, allowed for progressive reductions to fulltime\nstaff over the past three months. Brazilian staff numbers have been reduced to\n3 full time employees responsible for project management, government and\ncorporate relations and regulatory filings.\n\n\nMr. Cristiano Veloso, President and CEO of Amazon commented, "We would\nlike to thank Manoel Cerqueria, Oscar Yokoi and all other former Amazon\nemployees for their contribution in the first half of 2008. Amazon will\ncontinue to preserve its cash, currently in excess of C$9.0MM, and keep\ngeneral and administrative expenditures to a minimum. We plan to spend a\nmaximum of C$500,000 at Madeira gold project through to the end of 2009 and\nwill diligently assess new opportunities in a highly conservative manner."\n\n\nTechnical Advisory...